On Monetary and Budget Approaches in Russia in 2022–2024

The situation in the global economy remains difficult and the level of uncertainty about future prospects remains high. This is largely due to the ongoing pandemic, the beginning of monetary tightening in leading economies, the generally changing conditions in global financial markets, etc. In such conditions, it becomes important for the Russian economy to strengthen domestic sources in order to maintain economic growth and ensure stable high rates. The key mechanisms for this are budgetary and monetary policy. However, despite the fundamentally changing conditions in the global economy and financial system, the approaches that were previously used by the Russian monetary authorities generally remain the same. The authors provide an analytical view of a number of approaches outlined in two key documents — the Federal Budget of the Ministry of Finance of the Russian Federation and the Guidelines for the Monetary Policy of the Bank of Russia for 2022–2024. The inconsistence of the toughening of approaches in these two documents is substantiated. The importance of more active participation of the monetary authorities in providing favorable conditions for business and the population and, in general, in providing opportunities for economic growth is indicated.